Selling my house. Real Estate questions?

[stephen4785]

$200/mo plus the equity they're paying into for you.

$200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.

[kpc01]

What does the contract say? That's what really matters.

As to her renting, she's month to month, right? I would go ahead and just give her 30 days notice now so you're not waiting around any longer than you have to.

The contract has a number of days on the third party financing addendum that tells you how many days they have to secure financing. Yes they can get earnest money back if financing falls through but all depends on the contract. I usually put 21 days for execution or something like that. The fha appraisal does stick with the house but if you get a conventional offer it will make it irrelevant or even if you get the same $$ offer fha who cares if you get a better qualified buyer!

[D. Lil]

$200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.

You can write all of that off at a loss due to depreciation. It is factored over 27.5 years. Take the value of your house divided by 27.5 and that is how much you can write off each year just FYI.

[akfodysvn]

$200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.

You can write all of that off at a loss due to depreciation. It is factored over 27.5 years. Take the value of your house divided by 27.5 and that is how much you can write off each year just FYI.

This... It will be tax free income after mortgage interest, depreciation, taxes, insurance, etc.

I don't know enough about this purchase bout our rentals bring in lots of tax free income

[Ruffdaddy]

$200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.

You're planning to make money on chickens dogs and horses?

[Big Dad]

[BradM]

You're planning to make money on chickens dogs and horses?

Illegal gambling. Dog fights, chicken fights, horse fights.

[slow99]

Illegal gambling. Dog fights, chicken fights, horse fights.

Donkey shows - bigger than bitcoin.

[Ruffdaddy]

Donkey shows - bigger than bitcoin.

But Bitcoin is both big and small depending on the minute...

[GeorgeG.]

Let's not talk about bitcoin right now fellas...the wound is still fresh.

[Ruffdaddy]

Let's not talk about bitcoin right now fellas...the wound is still fresh.

As long as you understand it's self inflicted....

[stephen4785]

You're planning to make money on chickens dogs and horses?

Fuck no. I have all of them and their all a huge money pit. If youre ever sitting around with some extra money and think "Huummm, Iv got too much cash on hand so what should I waste it on" buy some stupid ass horses and all of your extra money problems will go away.
Horses got tangled up in a fence
chickens got an upper respiratory infection(cheaper to treat them then buy new ones)
and the damn dog chewed up 2 of my leather recliners.

[jewozzy]

Fuck no. I have all of them and their all a huge money pit. If youre ever sitting around with some extra money and think "Huummm, Iv got too much cash on hand so what should I waste it on" buy some stupid ass horses and all of your extra money problems will go away.
Horses got tangled up in a fence
chickens got an upper respiratory infection(cheaper to treat them then buy new ones)
and the damn dog chewed up 2 of my leather recliners.

I don't know anything about chickens... How do you know if they have an upper respiratory infection? Do they cough? lol

[stephen4785]

I don't know anything about chickens... How do you know if they have an upper respiratory infection? Do they cough? lol

They start getting this bubbling water around their eyes or they look like their crying all of the time.